Regulatory Alerts2024-04-16
Regulation 44-102 respecting Shelf Distributions
The securities regulators established Regulation 44-102 to define the shelf distribution procedures under the Securities Act, providing a framework for issuers to file base shelf prospectuses and subsequent supplements. The regulation specifies qualification criteria for various security types, including short form, rated debt, convertible, and asset-backed securities, while mandating that receipts remain effective for up to 25 months subject to ongoing compliance. It further establishes precise definitions for key terms such as acting jointly, MTN programs, and novel derivatives to ensure consistent interpretation across Canadian jurisdictions.
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